Top reasons for Heston lease extension

Main reasons to start your Heston lease extension today:

A Heston lease depreciates with the years remaining on the lease.

The market value of a leasehold property in Heston is impacted by how many years the lease has left to run. If it is near to or fewer than eighty years you should foresee difficulties on re-sale, so it is advisable to arrange for a lease extension before buying. It is ideal to start the lease extension process when a lease still has 82 years to run so that a lease extension can be finalised prior to the 80 year cut off point. Current legislation enables Heston qualifying lessees to acquire a lease extension of ninety years in addition to the remaining lease term at a peppercorn rent (that is, rent free). The intention of the valuation is to determine the amount payable by the lessee to the freeholder for the acquisition of the lease extension.

Heston property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for decades to come.

Lenders may not grant a mortgage on a short lease

Get in touch with one of our Heston lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a landlord in Heston,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Heston valuers.

Heston Lease Extension Example Cases:

James, Heston, North London,

James owned a high value flat in Heston on the market with a lease of a few days over fifty eight years remaining. James on an informal basis contacted his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were James to exercise his statutory right. James procured expert advice and secured an acceptable resolution without going to tribunal and readily saleable.

Heston case:

In 2014 we were called by Dr Amber Sánchez who, having bought a ground floor flat in Heston in September 2012. We are asked if we could estimate the premium would likely be for a 90 year lease extension. Similar properties in Heston with an extended lease were valued around £300,000. The average ground rent payable was £50 billed monthly. The lease lapsed in 2102. Taking into account 76 years left we calculated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 plus professional charges.